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worriedchick
- Posts: 84
- Joined: Tue May 10, 2011 8:18 pm
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Hi
I am 3 years into my IVA. During the first year i paid in over £12000 with commission. I have been working in a saes role but as they recruited more staff our earnings became less. 2 months ago I took a new job which promised high earnings but failed to deliver and the way I was being made to work was bordering on deception to customers so I have had to leave. My review is next week but I am now in a position where our outgoings for mortgage, secured loan and IVA take all of hubbies salary and nothing for bills, council tax and food. I wondered if anyone has heard of them allowing the payments already made (these amount to about 40p in the £ of original debt) would be accepted as full and final. This means we could sell the home and pay off secured loan as I'm struggling to now find a job with a good salary. Any advice would be appreciated.
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
It is possible that creditors will accept payments to date as full settlement, they may however just allow a payment break whilst you find a new job
Chat your situation through with your IP
Good luck
Regards
Andam Davies
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worriedchick
- Posts: 84
- Joined: Tue May 10, 2011 8:18 pm
- Location:
Thank you Andy. I have spoken to my case administrator. At the beginning I owed £54,000. I have paid back £27,000 already through the IVA, mainly in commission uplifts. She is going to look at a variation to make the current amount full & final but it would depend on 75% of the creditors voting in favour and we had 28 creditors....mainly all small store cards etc so it would be difficult for them to agree. Unless I find a job which will pay £25,000 a year I would not have any disposable income, the IVA would then fail and I would have to apply for bankruptcy so they would receive nothing then.